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Supplier: Hong Kong MFM bunker operations need this factor to flourish

Hong Kong bunker market facing increasing pressure from rival Shanghai, notes representative of NewOcean Energy Holdings.
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9 years ago

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Regulation is needed in Hong Kong’s bunkering industry to allow mass flowmeter (MFM) bunkering operations to flourish.

‘Bunkering operations in Singapore are really good not only because of the MFM, but because of regulation,’ observes a representative of Hong Kong-listed NewOcean Energy Holdings Limited, a subsidiary of NewOcean Group.

‘The problem is Hong Kong has no regulator for its bunkering industry, so even if a company adopts MFM bunkering operations there is no standard regulation on which standards to use.

‘Even if firms were to install MFM on board their barges there is nobody to regulate. So, how can standards be met?’

According to the source, the Hong Kong bunker market is currently experiencing increasing pressure from Shanghai due to narrowing prices. 

‘Typically, the spread between Hong Kong and Shanghai is $10 per metric tonne (pmt) with Hong Kong being on the more expensive end; but there are some days when it narrows down to $5 pmt or even lesser.

‘With increased traffic going to the world’s biggest container port, shipowners have even more reason to steam pass Hong Kong during days when the price spread is low.’

The above is also the reason why NewOcean Group started operations of Singapore-based NewOcean Fuel (Singapore) in September, he explains.

‘We set up an office in Singapore to function as a purchasing centre for our Hong Kong market so we can bypass any intermediaries and do better by purchasing fuel oil directly from the Singapore market,’ he says.

‘All the bunker volume for our Hong Kong operations is now bought using cargo from Singapore. So by setting up a purchasing center in Singapore, our logistical operations are cheaper overall and we remain competitive.’

NewOcean Group launched operations at Singapore on 31 August, 2017. The company is the second largest marine fuels supplier in the Hong Kong bunker sector.

The group owns a 70,000 mt capacity deep sea oil storage terminal in Zhuhai, China and also owns seven bunker ships in Hong Kong and 28 bunker ships inside China. It also manages more than 200,000 mt of oil storage capacity at different places in China to facilitate the purchase, storage and distribution of bunker fuels.

Photo credit: FreeImages.com/Micheal Pang

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Winding up

Singapore: Liquidator of Xin Bo Shipping Pte Ltd issues notice of dividend

First interim dividend of Xin Bo Shipping is payable by 7 October, according to Government Gazette notice.
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3 hours ago

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September 24, 2026

By

RESIZED Drew Beamer

A notice of dividend for Xin Bo Shipping Pte Ltd, which is currently in creditors’ voluntary liquidation, was published on the Government Gazette on Wednesday (23 September). 

The following are the details of the notice:

Name of Company : Xin Bo Shipping (Pte) Ltd (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 199003660R
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Amount per centum (US$) : 30.00 cents to a dollar of admitted unsecured claims
First and Final or otherwise : First Interim Dividend
When payable : By 7 October 2026
Where payable : Entitlements will be made either by way of telegraphic transfer or by cheque, to be collected from the Company’s registered address as above.

 

Photo credit: Drew Beamer
Published: 24 September, 2026

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Winding up

Singapore: Creditors’ meeting for Fair Wind Chartering Pte Ltd scheduled for 6 October

A creditors’ meeting of Fair Wind Chartering Pte Ltd has been scheduled to take place at 3pm on 6 October, according to a Government Gazette notice.

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3 hours ago

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September 24, 2026

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Resized benjamin child

A creditors’ meeting of Fair Wind Chartering Pte Ltd has been scheduled to take place on 6 October, according to a Tuesday (22 September) notice on the Government Gazette.

The meeting will be held via video conferencing at 3pm for the following agenda: 

  • To receive a Statement of Affairs of the Company, showing the assets and liabilities, together with a list of creditors and the estimated amount of their claims.
  • To confirm the appointment of Chee Fung Mei, Licensed Insolvency Practitioner, of CHEE FM & ASSOCIATES 110 Middle Road #05-03 Singapore 188968 as Liquidator of the Company for the purpose of such voluntary winding up, and that the Liquidator’s fees be based on her normal scale rates and disbursements incurred be paid out of the Company’s assets.
  • To consider and if deemed fit appoint a Committee of Inspection.
  • To consider any other matters which may properly be brought before the meeting.

According to the Singapore Business Directory website, the company’s principal activity is shipping and chattering of ships or boats. 

Note: To entitle you to vote thereat, your Proof of Debt must be lodged with the Provisional Liquidator not later than 10:00am on the 5th October 2026. Please submit your Proof of Debt and register your attendance by email to [email protected] to receive further details on the video conference.

 

Photo credit: Benjamin Child
Published: 24 September, 2026

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Business

Straits Energy proposes MYR 90 million capital reduction to offset accumulated losses

Straits Energy Resources proposed to undertake a reduction of MYR 90 million of its issued share capital to offset accumulated losses of the company and strengthen its financial position.
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3 hours ago

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September 24, 2026

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Resized Straits Energy Resources Berhad

Bursa Malaysia-listed Straits Energy Resources Berhad (Straits) on Monday (21 September) proposed to undertake a reduction of MYR 90 million (USD 22 million) of its issued share capital to offset accumulated losses of the company and strengthen its financial position.

In a filing with Bursa Malaysia, the company said the proposed capital reduction entails the reduction of the issued share capital of Straits via the cancellation of the company’s paid-up share capital, which is substantially lost or unrepresented by available assets. 

The corresponding credit of MYR 90 million arising from the proposed exercise will be utilised to partially offset the accumulated losses while any balance credit will be credited to the capital reserve account which would serve as an additional credit buffer to set off future losses of the company.

The MYR 90 million was determined by the Board, after taking into consideration amongst others, the unaudited accumulated losses of the company for the financial year ended 30 June 2026 of MYR 101.91 million.

The proposal will not have any effect on the number or percentage of shares held by the substantial shareholders of the company as it does not involve any issuance, cancellation or transfer of shares held by the shareholders.

“Barring any unforeseen circumstances and subject to all required approvals being obtained, the proposed capital reduction is expected to be completed in the first quarter of 2027,” the company added. 

 

Photo credit: Straits Energy Resources
Published: 24 September, 2026

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